Obama-Romney dispute GDP numbers

Oct. 26, 2012
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President Obama and Mitt Romney / AFP/Getty Images

by David Jackson, USA TODAY

by David Jackson, USA TODAY

President Obama's team and Republican challenger Mitt Romney offered very different views Friday on news that the nation's gross domestic product grew by an annual rate of 2% for the third quarter.

"Today, we received the latest round of discouraging economic news," Romney said in a statement, adding that "slow economic growth means slow job growth and declining take-home pay. This is what four years of President Obama's policies have produced."

"While we have more work to do, together with other economic indicators, this report provides further evidence that the economy is moving in the right direction," Krueger wrote on the White House website.

Romney has made the economy his primary issue against Obama; the president says his policies rescued the economy from a near-depression.

"The nation's gross domestic product grew at an annual rate of 2% during the third quarter, the government said today, in one of the final pre-election looks at how the economy is recovering from the recession.

"But although third-quarter GDP beat expectations, growth is still well below the annual pace of 3% or better that economists consider necessary to create a strong economy and lower the unemployment rate.

"Consumer spending, which has the biggest impact on economic growth, rose 2% last quarter after rising 1.3% in the second quarter. And investment in housing jumped 14.4% to help lead the way. Indeed, housing accounted for all of the economy's gains in investment during the quarter -- and then some."